题目
Kwam Solutions must raise €120 million. Kwam has two primary sources of liquidity: €60 million of marketable securities (which can be sold with minimal liquidation/brokerage costs) and €30 million of bonds (which can be sold with 3% liquidation costs). Kwam can sell some or all of either of these portfolios. Kwam has a secondary source of liquidity, which would be to sell a large piece of real estate valued at €70 million (which would incur 10% liquidation costs). If Kwam sells the real estate, it must be sold entirely (a fractional sale is not possible). What is the lowest cost strategy for raising the needed €120 million?
选项
A.Sell €60 million of the marketable securities, €30 million of the bonds, and €34.3 million of the real estate property.
B.Sell the real estate property and €50 million of the marketable securities.
C.Sell the real estate property and €57 million of the marketable securities.
答案
C
解析
Kwam must sell theentire real estate property because the two primary sources(marketable securities and bonds) will not raise the needed €120 million. A is incorrect becauseit assumes a fractional real estate sale. The real estatesale will raise a net of €63 million (€70 million minus 10% liquidation expenses). To raise the rest of the fundsneeded (€120 million - €63 million = €57million), Kwam can sell €57 million of marketable securities, which have minimal liquidation/brokerage costs.Kwam必须出售整个房地产，因为两个主要来源（有价证券和债券）无法筹集所需的1.2亿欧元。A是不正确的，因为它假设了部分房地产销售。房地产销售将净筹集6300万欧元（7000万欧元减去10%的清算费用）。为了筹集所需的其余资金（1.2亿欧元-6300万欧元=5700万欧元），Kwam可以出售5700万欧元的有价证券，其清算/经纪成本最低。